Outsourced Accounting or Accounting as a Service (AaaS) providers can be the catalyst to take your organization to the next level. For some SMBs, accounting is not looked at as a strategic function of the organization, but it should be. It also shouldn’t take focus away from growing your core business. Lots of SMBs don’t consider Outsourcing. Here are 5 main reasons why.
1) They think it is too expensive
By using Accounting as a Service, you have access to shared service center. Providers have put a lot of investment, thought, and execution into their model and have staffed accordingly. With an AaaS provider you now have access to a full accounting department that often is less expensive than one full-time FTE. This doesn’t even figure in technology costs that come with the service.
2) It is the same as bookkeeping services
Bookkeepers are responsible for recording daily financial transactions. Controllers are responsible for financial reporting, internal financial audit and internal controls. Outsourced CFOs are responsible for financial planning, financial data analysis and strategic planning. By relying only upon a bookkeeper you are stuck looking in the past and cannot see into the future to effectively make critical decisions for your business. AaaS providers ensure daily transactions are done correctly but also greatly reduce risks and provide necessary forward-thinking strategy to help growth your business.
3) We can just do the same in-house
For most SMBs it is hard to justify the expense of having a bookkeeper, controller, VP of finance and CFO. All positions have importance. You don’t want to pay a senior level person to do daily transactions and you definitely don’t want to ask an entry level person to manage financial risks.
4) We cannot have any finance staff in-house
Often AaaS providers work with internal staff to fill voids. Yes, providers can function as the entire finance department but often work with existing staff to help maximize their production.
5) We have more control and stability by utilizing in-house staff
Employees turnover and training are always on the minds of companies. If you don’t have a defined professional develop plan for each employee, you are at risk of losing your top talent to other opportunities. By using an AaaS provider you eliminate the risk of employee turnover. You also will not miss a beat when people people are out sick, on vacation, or on leave.
When your business grows, you should celebrate—not suffer. Try telling that to the finance team that’s still trying to make QuickBooks work. It’s just too basic to handle growing organizations with evolving needs. So your team might be compensating with inefficient workarounds and spreadsheets. And you may realize you can’t rely on your basic reports to be of any strategic use. That’s a lot to pay for a “low cost” solution. Find out what makes Intacct the top solution for QuickBooks graduates.
Make the “day to day” easier
If your team is spending hours on spreadsheets, your entry-level accounting solution isn’t doing you any favors. Ditch the extra data entry with Intacct’s feature-rich cloud accounting software solution. Automate multi-entity close and reporting, revenue recognition, project accounting, and more. Save team time today and be prepared for tomorrow with a solution that can handle almost any accounting process you can imagine.
Flex your reporting muscle
Intacct was uniquely designed to give you endless reporting flexibility. Unlike QuickBooks, Intacct enables you to track both financial and operational data in real time. You can easily drill from top-level results down to the performance for a specific entity or location, then down to individual transactions. And you can access your reports from any web browser, on any device. Integrate without IT, and other cloud benefits Organizations that are outgrowing QuickBooks can expect high ROI when switching to cloud accounting. You don’t have to worry about system availability and security—that comes guaranteed. Plus, it’s instantly easier to connect with other cloud-based best-in-class business systems, like Salesforce CRM, so you can share data between systems without human data entry or errors.
Key outcomes:
Improve productivity by eliminating manual processes and spreadsheets
Businesses struggle with numbers all the time, and for multiple-entity businesses, this struggle is complicated as there are lots of financial statements to consolidate. This article will serve as a guide to help you learn the challenges of multi-entity accounting,...
We are excited to share with you a transcript from a recent podcast episode in which our founder, Sharai Lavoie, was interviewed by Julie Bee on her show "They Don't Teach This in Business School." In this insightful and inspiring conversation, Sharai shares her...
“The real success was having that partner to talk through the tough times, to handle some of the adversity, and to identify and problem-solve together—some of the things that make running the business easier” Brad Olecki, CEO and founder of Trenches Consulting Client...
“[Lavoie] really allowed us an opportunity to not only have a better understanding and clarity for all our own businesses, but other investment opportunities—we can gain an understanding of a business if that’s something we want to pursue.” Brett Thomason, COO of the...
Technology for Financial Planning and Accounting Automation and technology have become increasingly important in the world of financial planning and accounting. The rise of technology has introduced numerous innovative tools and software solutions designed to...
Introduction A 10x valuation system refers to a method where a company’s investors are willing to pay up to 10 times the company’s current worth due to its potential for rapid growth and profitability. It has gained popularity in recent years, particularly amongst...
As a business owner, managing finances and staying on top of financial obligations is crucial for success. To achieve this, businesses need two important financial services: bookkeeping and accounting. In this blog, we will explore the differences between bookkeeping...
For investor-backed companies, like start-ups, an outsourced accounting firm, also known as a financial operations management and outsourced accounting firm, offers many benefits that allow start-ups to scale, save time, and reduce operational costs and risk. Learn...
Before investing in a company, venture capitalists run what is called a due diligence checklist. This is a rigorous process that looks closely at all aspects of a company, including assessing business legal, financial, and human resources status. By performing a...
Today, more than half of market private equity firms use an outsourced accounting partner, and for a good reason. Working with a financial operations management and outsourced accounting firm benefits both your firm and your clients. Jump Ahead In the sections below,...
Free up internal staff to focus on your core business while saving time, resources, and capital. Managed Accounting is simply shifting the functions and tasks of basic and critical business processes, traditionally managed inside your company, to an external provider, such as an accounting firm. By taking advantage of the power of secure cloud-based technologies, your business would receive a comprehensive range of managed business services for its clients, from A/P and A/R to controllership and virtual or fractional CFO services and we provide the ERP system to scale with it all.
Besides saving your company precious time, resources, and money by utilizing managed accounting services, you’ll also be able to free up and redirect your internal staff and resources to supporting revenue-generating core business functions, including strategic planning.
In addition, when you partner with a third-party, you won’t have to worry about accounting software and hardware upgrades and maintenance, or security! And you won’t need dedicated IT staff to support an in-house ERP system. Cloud technology platforms are state-of-the-art and offer the highest levels of security in the industry. Your financial data and business information is always safe and secure. Most importantly your data is always accurate and in real-time.
With real-time access to your data, we can generate custom reports, forecasting, benchmarking, and real-time data analysis. Why settle for financial reports and analysis that are out of date the day they are printed? Now you can be sure you are always working with the latest up-to-date information at your fingertips, 24/7. Get a better picture of your business in real-time.
Financial controllers are increasingly taking on the role of financial operating officer. You’re ensuring that finance runs smoothly and that there are not surprises on audit day.
But what does “running smoothly” really mean?
Download this eBook to learn six ways that today’s best-in-class controllers follow to successfully meet and overcome challenges in the profession.
